August 1 2019

Facebook Reports Libra may never see the Lights ⚖️💡

The company announced this in its quarterly report to the Securities and Exchange Commission in the “Risk Factors” section.

Earlier, Facebook had planned to launch its cryptocurrency project in 2020, but met fierce resistance from regulatory authorities in the vast majority of countries and, above all, at the place of registration, in the United States, at Congress level.

It seems that regulators have realized the scale of the possible negative consequences of such a global project and now, Facebook  fears for the profitability of their business as a whole.

“Libra has drawn close attention from governments and regulators in several jurisdictions, and we expect this analysis to continue.” – says the Facebook report.

The social communications giant also indicates that Libra is based on a relatively new and untested blockchain technology, and laws and regulations relating to the digital currency are vague and uncertain.

Facebook is already responding to many requests from governments and regulators, and further adverse actions on their part or negative advertising can negatively affect the reputation of the social network and damage the company’s entire business.

The report further states that as a cryptocurrency project progresses, it may be subject to various laws and regulations of the United States and international jurisdictions, including, but not exclusively, governing payments, financial services, and the fight against money laundering.

These laws and regulations, as well as any related inquiries or investigations, can delay or prevent the launch of a Libra cryptocurrency project and even other company products or increase operating costs, consume significant time and attention from management, or otherwise damage the company’s business.

Thus, there can be no guarantee that Libra or our related products and services will be provided in  time or will be provided at all. We have no significant previous experience with digital currency or blockchain technologies, which may adversely affect our ability to successfully develop and sell these products and services. We will also incur increased costs due to our participation in the Libra Association and the development and marketing of related products and services. In the end our investments may be unsuccessful. Any of these events may adversely affect our business, reputation or financial results.” –  additionally indicated in the report.

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Posted 01.08.2019 by admin in category "Crypto World News